Ascentage Pharma Group International (AAPG)

Price$17.62Cached quoteAs of 2026-09-05 02:33 UTC

AI: Fair-priced

Price checkThe shares look fairly priced but depend heavily on successful drug development.

About 93.3 million depositary-share equivalents follow from 373.2 million weighted-average ordinary shares, with four ordinary shares per depositary share. That implies an equity value near $1.5 billion. June cash and bank balances were $279 million versus roughly $309 million of borrowings, so debt nearly cancels cash. Against about $95 million of recent twelve-month revenue, the valuation is roughly 16 times sales, with no profit. This is not cheap, but the late-stage pipeline and Takeda option make an overvaluation call too strong.

Big pictureSales are growing, but losses and cash use remain too large for durability.

Revenue rose from RMB222 million in 2023 to RMB981 million in 2024, but much of the jump came from Takeda’s $100 million option payment rather than repeat product sales. The latest half-year gives the cleaner picture: product sales grew 33% to $41.6 million, yet research spending reached $102.8 million, the net loss widened to $120.4 million, and operations used $85.7 million of cash. Results therefore move with licensing milestones and trial spending, not ordinary economic cycles, making earnings and cash flow uneven.

Business strengthTwo approved medicines create promise, while the balance sheet offers limited protection.

Olverembatinib and lisaftoclax are approved in China, and first-half 2026 product sales grew as olverembatinib distribution reached 879 pharmacies and hospitals. Nine Phase III trials were running worldwide, four cleared by both United States and European regulators to proceed. However, June cash and bank balances fell $74 million in six months to $279 million, while current assets exceeded current liabilities by only $60 million and borrowings were about $309 million. At the recent cash-use pace, cash covers roughly 20 months before debt repayments, so financing strength is only moderate.

What could change the storyPhase III success or a Takeda deal could lift value, while continued losses could force dilution.

The strongest bull case is successful late-stage data, wider approvals, and Takeda exercising its olverembatinib option; the agreement offers up to $1.2 billion in exercise and milestone payments plus 12%–19% royalties. The bear case is failed or delayed trials while sales remain far below research and selling costs. Capital goes to trials, not dividends or buybacks. Share count rose from 290.2 million in 2023 to 315.2 million in 2024, and a July 2026 program permits up to $200 million of additional depositary-share sales. Full use could equal roughly 13% of current equity value before fees.

AI: News

Losses widened despite growthProduct sales rose, but faster spending widened losses and reduced the cash cushion.

On August 19, first-half revenue increased 29% to $44.5 million and product sales increased 33% to $41.6 million. Research spending climbed 32% to $102.8 million, the loss widened from $82.5 million to $120.4 million, and cash and bank balances fell $73.8 million from year-end. The shares closed about 4% lower the next session; the timing is consistent with investor concern about spending, but it does not prove the results caused the move.

New share-sale programA new share-sale program improves funding flexibility but creates meaningful dilution risk.

On July 17, Ascentage filed to sell up to $200 million of depositary shares through market sales. Each depositary share represents four ordinary shares. The program can fund nine late-stage trials and commercial expansion without an immediate large offering, but it lets new shares enter gradually. The maximum amount equals roughly 13% of the company’s observed equity value; actual dilution will depend on how much is sold and at what prices. Filing the program does not mean the full amount has been issued.

Leukemia data remained promisingUpdated leukemia results supported the pipeline, but small studies still leave approval risk.

On June 14, Ascentage reported 17 clinical updates. In a pediatric study of olverembatinib plus lisaftoclax, 8 of 9 evaluable patients responded and 8 of 12 reached no detectable residual disease by the stated test. Other updates supported olverembatinib in resistant chronic myeloid leukemia and the ongoing late-stage POLARIS-1 study. These are encouraging biological signals, but the pediatric sample was tiny and conference data do not replace randomized Phase III evidence needed to support broad approvals and durable revenue.

Loading local price history

Revenue

2024

Net income

2024

Free cash flow

2024

Total cash / debt

CashTotal debt

2023

2024

Financial statements

	2025	2024	2023	2022	2021
Revenue	—	$134.3M	—	—	—
Gross profit	—	$130.4M	—	—	—
Gross margin	—	97.03%	—	—	—
Research & development	—	$129.8M	—	—	—
Net income	—	−$55.6M	—	—	—
Net profit margin	—	−41.37%	—	—	—
Basic EPSper basic share	—	-$0.18	—	—	—
Diluted EPSper diluted share	—	-$0.18	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 18 reported holders of AAPG
Holder	Shares held
Yang Dajun	37.74M
Zhai Yifan	37.74M
Wang Shaomeng	10.05M
Knapp Thomas J	362.44K
Lu Simon Dazhong	41.46K
LIPPMAN MARC E	21.17K
Point72 Asset Management, L.P.	13.84K
SIDRANSKY DAVID	10.64K
Ye Changqing	8.96K
Wei Ren	8.96K
Cao Jin	5.4K
MORGAN STANLEY	919
WELLS FARGO & COMPANY/MN	200
EverSource Wealth Advisors, LLC	24
UBS Group AG	15
ROYAL BANK OF CANADA	6
BlackRock, Inc.	6
Caitong International Asset Management Co., Ltd	1

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about AAPG yet. Start the conversation.

Write the first post

Ascentage Pharma Group International (AAPG)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.